The parent company of Lafayette-based Home Bank will acquire the parent of St. Martinville-based St. Martin Bank & Trust Co. in a stock-and-cash deal valued at $96.1 million.

Under the deal St. Martin Bancshares will become part of Home Bancorp Inc. St. Martin has 12 branches in Acadia, Jefferson Davis, Lafayette and St. Martin parishes. As of June 30, St. Martin had assets of $597.3 million, $455.5 million in loans and $508.7 million in deposits.

Home Bank has 28 branches in the Lafayette, Baton Rouge, New Orleans and north shore areas in Louisiana, and in the Natchez and Vicksburg regions of Mississippi. The combined company will have assets of about $2.2 billion, $1.7 billion in loans and $1.8 billion in deposits, making it the third-largest Louisiana-based bank.

"This merger is a win-win for both St. Martin Bank and Home Bank customers, as each will enjoy more locations and enhanced products to serve them," Home Bancorp President and Chief Executive Officer John W. Bordelon said.

The deal is also "a significant momentum builder" for Home shareholders and will add more than 20 percent to earnings per share as a result of cost savings, Bordelon said.

The deal marks the fifth Louisiana bank to be acquired in 2017. The parent company of Investar Bank has acquired two banks this year: The Highlands Bank, based in Jackson, and Citizens Bank of Ville Platte. Iberville Bank in Plaquemine was acquired by The First Bancshares Inc., based in Hattiesburg, Mississippi. Whitney Bank acquired the assets of failed First NBC in New Orleans.

Sherwood "Woody" Briggs, vice chairman of Chaffe & Associates, a New Orleans investment banking adviser, said he expects the trend will continue.   

Home Bancorp also expects the deal will add to its book value per share within 42 months of closing, which should be sometime in the fourth quarter or the first quarter of 2018. 

Home Bancorp will exchange 9.3 shares of its stock and $94 for every share of St. Martin Bancshares. The acquisition will require Home to issue 1.9 million new shares.

Follow Ted Griggs on Twitter, @tedgriggsbr.